Lagos State Governor Babajide Sanwo-Olu signed the State’s N1.768 trillion “Budget of Continuity” into law on Friday in order to consolidate his administration’s development gains and meet people’s desires.
According to the Governor, the budget plan will not only “aggressively” focus on finishing ongoing capital projects, but it will also extend intervention programs and enhance social support to citizens and their means of livelihood.
The budget was approved during a brief ceremony at the Governor’s Office in Alausa.
Sanwo-Olu stated that the budget would demonstrate his government’s willingness to scale up excellent governance and quality service to residents through the T.H.E.M.E.S Agenda, emphasizing that the budget would move the State to a greater level of fiscal growth and social development.
The 2023 Appropriation Bill has a capital expenditure of N1.019 trillion, representing 58 percent of the 2023 budget. The recurrent expenditure, representing 42 percent, is N748 billion, which includes personnel cost, overhead, and debt services.
The Governor said the implementation of the budget would see to the completion of various ongoing capital projects, including the final construction phase of the 37-kilometer Lagos Red Rail Line from Agbado to Ebute Metta.
He added that the funding for the second phase of the Blue Line from Mile 2 to Okokomaiko had equally been approved in the budget, stressing that the Ojo General Hospital project and mental health facility in Ketu-Ereyun being undertaken by the State Government would race to completion.
Sanwo-Olu said the contractors handling various road and school construction projects in Badagry, Amuwo Odofin, Ikorodu, and Eti Osa could now have access to funds to deliver the projects.
He said: “I’m delighted to assent to the 2023 Appropriation Bill transmitted to me after it was passed by the House of Assembly. The budget went through a rigorous review and passed through all the relevant statutory channels required before we now have a live document that can be implemented. This is a budget that speaks to the aspirations and needs of Lagosians.
“The budget is audacious and its size is a reflection of the confidence our citizens repose in us. It is also a significant improvement in the discharge of the citizens’ civic responsibility in the areas of taxes and levies that are due to the Government. I give assurance of our commitment to prudent implementation and improvement in service delivery that will bring about more dividends of good governance.”
Sanwo-Olu expressed his appreciation to the leaders and members of the House of Assembly for the timely consideration and independent ratification assignment done on the document.
The Governor promised to raise the level of implementation of the Appropriation Law, pledging that the ongoing electioneering would not slow down the governance process.
Sanwo-Olu said although Lagos had the highest budget among the federating units, he added that the budget size was a far cry from the actual number that should have been proposed which befits Lagos’s developmental aspiration.
He said the State could do a lot more if the citizens would partner with the Government by committing to pay their taxes.
He said: “Lagosians must know that our Government is committing to protecting their lives and their means of livelihoods. We can provide a lot more opportunities for our citizens in transportation, education, public health, and other areas of human endeavor. To achieve these objectives, residents must see the real partner in us.
“We have seen the growth across the city and opportunities for business. Our budget must speak to this growth. Lagos needs to be in the comity of cities that can take opportunities to another level and ventilate its economic potential.”